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ArcelorMittal and Nunavut Iron Ore Become Equal Partners In Baffinland


Thursday, 13 Dec 2012 11:58am EST 

ArcelorMittal announced that the Company and Nunavut Iron Ore, Inc., a subsidiary of Iron Ore Holdings, LP and a company in The Energy and Minerals Group, have agreed that Nunavut Iron Ore will increase its interest in Baffinland Iron Mines Corporation (Baffinland) from 30% to 50%. In consideration, Nunavut Iron Ore will increase its share of funding for development of Baffinland’s Mary River Iron Ore Project. ArcelorMittal will retain a 50% interest in the project as well as operator and marketing rights. The Group will also continue to execute the project development and management for the joint venture. The arrangements are subject to customary conditions precedent and are expected to be completed early in 2013. 

Company Quote

10.055
0.084 +0.84%
11:37am EST